Hamilton skyline in Autumn - DiSilvestro Law - Purchase of Residential Property by Non-Canadians

Prohibition on the Purchase of Residential Property by Non-Canadians

Things are only getting worse for non-residents. Not only was the Province of Ontario’s non-resident speculation tax increased to 25% as of October 25, 2022, but the federal government’s Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) became effective as of January 1, 2023 for a two year period. The legislation prohibits a “non-Canadian” from purchasing …